Most commentators seem to agree that a return to ‘back to basics’ banking is needed if we are to avoid the kind of speculative bubbles that tanked the global economy in 2008.

This means banks should focus on taking deposits and offering loans, and making a fair margin on the difference in interest rates between the two. (Once, bankers were said to adhere to something called the 3-6-3 rule: pay 3% interest on deposits, loan at 6%, and be on the golf course by 3pm. This was characteristic of a lazy, uncompetitive banking market, but one which, at least, didn’t crash the world economy.)